Real exchange rate determination and the adjustment process: an empirical study in the cases of Sweden and Egypt
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Göteborg
Nationalekonomiska Inst.
1994
|
| Schriftenreihe: | Ekonomiska studier
55 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Zugl.: Göteborg, Univ., Diss., 1995 |
| Beschreibung: | XII, 183 S. graph. Darst. |
| ISBN: | 9188514137 |
Internformat
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| 245 | 1 | 0 | |a Real exchange rate determination and the adjustment process |b an empirical study in the cases of Sweden and Egypt |c Maher Asal |
| 264 | 1 | |a Göteborg |b Nationalekonomiska Inst. |c 1994 | |
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| 490 | 1 | |a Ekonomiska studier |v 55 | |
| 500 | |a Zugl.: Göteborg, Univ., Diss., 1995 | ||
| 648 | 7 | |a Geschichte 1970-1990 |2 gnd |9 rswk-swf | |
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Datensatz im Suchindex
| _version_ | 1804124375545282560 |
|---|---|
| adam_text | Contents
Preface vii
List of Tables and Figures ix
List of Variables xi
Data Sources xi
Chapter 1. Introduction
1.1. Background 1
1.2. Research Issues 2
1.3. Rationale of the Study 3
1.4. The Main Hypothesis of the Study 4
1.5. Outline of the Study 5
References 7
Chapter 2. Real Exchange Rate Definitions
2.1. Introduction 9
2.2. Real Exchange Rate as the Relative Price of Traded to Non traded Goods 10
2.3. Real Exchange Rate as a Deviation from PPP Doctrine 11
2.4. A Proxy for the Foreign Relative to Domestic Price Level and the 11
Exogeneity of Terms of Trade
2.5. Real Exchange Rate Disequilibrium 14
2.6. Summary and Conclusions 15
References 16
Appendix A 17
Chapter 3. Theories of Exchange Rate Determination: A Literature Review v
3.1. Introduction 18
3.2. Purchasing Power Parity (PPP) Doctrine 19
3.3. Balance of Payments Equilibrium and Real Exchange Rate Determination 21
3.4. Monetary Models and Exchange Rate Determination 25
3.4.1. Flexible Price Version 25
ixi
3.4.2. Sticky Price Version 27
3.5. The Assets Market View of Exchange Rate Determination 29
3.6. A Review of the Empirical Evidence 30
3.7. An Overview of Exchange Rate Theories 32
References 33
Chapter 4. A General Asset Market Model of Real Exchange Rate
Determination
4.1. Introduction 37
4.2. Real Exchange Rate Determination: A Descriptive Analysis 38
4.2.1. The Effect of Monetary Measures 38
4.2.2. Real Variables and the Real Exchange Rate 39
4.2.3. Expectations and the Real Exchange Rate 41
4.2.4. Adjustments of the Economy and Exchange Rate Regimes 41
4.3. The Model 42
4.3.1. Deviations From Uncovered Interest Parity (UIRP) 43
4.3.2. The Money Market Equilibrium 44
4.3.3. The Disequilibrium in Money Market and the Real Exchange Rate 45
4.3.4. The Real Exchange Rate as Only the Non tradable Relative Prices 48
4.3.5. The Goods Market Equilibrium 52
4.4. Summary and Conclusions 54
References 57
Chapter 5. A Preliminary Application of the Model, Some Stylized Facts and
Framework in the Cases of Egypt and Sweden
5.1. Introduction 60
5.2. Testing for PPP Doctrine in Egypt and Sweden 61
5.2.1. Testing for Relative PPP 61
5.2.2. Testing for Absolute PPP 62
5.3. Some Facts and Framework in the Cases of Egypt and Sweden 64
5.3.1. The Development of the Egyptian Real and Monetary Variables 64
iy.
5.3.2. The Development of the Swedish Real and Monetary Variables 68
5.4. The Model s Application 70
5.5. Summary and Conclusions 73
References 76
Tables and Figures 78
Chapter 6. Egypt s Real Exchange Rate in the Short and in the Long
Run: An Empirical Study
6.1. Introduction 84
6.2. Testing for Unit Roots and Random Walk 85
6.2.1. Unit Root Test 86
6.2.2. Random Walk Tests 87
6.3. Cointegartion Relationship and the Egyptian Long Run Equilibrium 90
Real Exchange Rate
6.3.1. Cointegration Relationship 90
6.3.2. The Empirical Results 90
6.3.3 Money Demand Equation and the Sustainability of Disequilibrium 92
6.4. Error Correction Model (ECM) and the Egyptian Short Run
Real Exchange Rate 93
6.5. Discussions of the Results 94
6.6. Summary and Conclusions 97
References 99
Appendix B 102
Tables and Figures 103
Chapter 7. The Swedish Real Exchange Rate in the Short and in the
Long Run: An Empirical Study
7.1. Introduction 112
7.2. Integration Order and tests for Random Walk 112
7.2.1 Testing for a Unit Root in the Data 112
7.2.2. Testing for a Random Walk in the Data 114
7.3. Cointegration Relationship and the Swedish Long Run Real Exchange Rate 114
y
7.4. Error Correction Model (ECM) and the Swedish Short Run Real 118
Exchange Rate
7.5. Discussions of the Results 119
7.6. Summary and Conclusion 123
References 125
Tables and Figures 127
Chapter 8. Real Exchange Rate Adjustment: An Empirical Study in the
Cases of Egypt and Sweden
8.1. Introduction 138
8.2. Real Exchange Rate Adjustment and the External Sector 139
8.2.1. Automatic Adjustment of the Real Exchange Rate 139
8.2.2. Corrective Macropolicies and the Adjustment Process 141
8.2.3. Nominal Devaluations and the Adjustment Process 141
8.2.4. A Combination of Macropolicies and Nominal Devaluations 142
8.3. An Empirical Analysis in the Cases of Egypt and Sweden 144
8.4. Evaluation of the Four Devaluation Episodes in Egypt and Sweden 147
8.4.1. Macropolicies, Real Exchange Rate and the External Sector Before 148
Devaluations
8.4.2. The Impact of Nominal Devaluations 150
On the Real Exchange Rate 150
On the External Sector 152
On the Real Output 153
8.5. Summary and Conclusions 157
References 159
Tables and Figures 163
Chapter 9. Conclusions 174
yi
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| geographic | Schweden (DE-588)4077258-5 gnd Ägypten (DE-588)4000556-2 gnd |
| geographic_facet | Schweden Ägypten |
| id | DE-604.BV009998827 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T17:44:40Z |
| institution | BVB |
| isbn | 9188514137 |
| language | English |
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| physical | XII, 183 S. graph. Darst. |
| publishDate | 1994 |
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| publisher | Nationalekonomiska Inst. |
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| spelling | Asal, Maher Verfasser aut Real exchange rate determination and the adjustment process an empirical study in the cases of Sweden and Egypt Maher Asal Göteborg Nationalekonomiska Inst. 1994 XII, 183 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Ekonomiska studier 55 Zugl.: Göteborg, Univ., Diss., 1995 Geschichte 1970-1990 gnd rswk-swf Växelkurser - Egypten sao Växelkurser - Sverige Realer Wechselkurs (DE-588)4129422-1 gnd rswk-swf Schweden (DE-588)4077258-5 gnd rswk-swf Ägypten (DE-588)4000556-2 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Schweden (DE-588)4077258-5 g Realer Wechselkurs (DE-588)4129422-1 s Ägypten (DE-588)4000556-2 g Geschichte 1970-1990 z DE-604 Ekonomiska studier 55 (DE-604)BV000011510 55 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006628327&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Asal, Maher Real exchange rate determination and the adjustment process an empirical study in the cases of Sweden and Egypt Ekonomiska studier Växelkurser - Egypten sao Växelkurser - Sverige Realer Wechselkurs (DE-588)4129422-1 gnd |
| subject_GND | (DE-588)4129422-1 (DE-588)4077258-5 (DE-588)4000556-2 (DE-588)4113937-9 |
| title | Real exchange rate determination and the adjustment process an empirical study in the cases of Sweden and Egypt |
| title_auth | Real exchange rate determination and the adjustment process an empirical study in the cases of Sweden and Egypt |
| title_exact_search | Real exchange rate determination and the adjustment process an empirical study in the cases of Sweden and Egypt |
| title_full | Real exchange rate determination and the adjustment process an empirical study in the cases of Sweden and Egypt Maher Asal |
| title_fullStr | Real exchange rate determination and the adjustment process an empirical study in the cases of Sweden and Egypt Maher Asal |
| title_full_unstemmed | Real exchange rate determination and the adjustment process an empirical study in the cases of Sweden and Egypt Maher Asal |
| title_short | Real exchange rate determination and the adjustment process |
| title_sort | real exchange rate determination and the adjustment process an empirical study in the cases of sweden and egypt |
| title_sub | an empirical study in the cases of Sweden and Egypt |
| topic | Växelkurser - Egypten sao Växelkurser - Sverige Realer Wechselkurs (DE-588)4129422-1 gnd |
| topic_facet | Växelkurser - Egypten Växelkurser - Sverige Realer Wechselkurs Schweden Ägypten Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006628327&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV000011510 |
| work_keys_str_mv | AT asalmaher realexchangeratedeterminationandtheadjustmentprocessanempiricalstudyinthecasesofswedenandegypt |